Leading watch maker Swatch Group saw a robust increase in its gross sales but a decline in operating profits over the first half of this year, said the Switzerland-based firm in its 2014 half-year report on Tuesday.

According to the company, gross sales of the group increased by 4 percent to 4.3 billion CHF (4.8 billion U.S. dollars).

However, operating profits of the group in the first half of 2014 declined by 8.8 percent to 830 million CHF as a result of the negative currency situation, the high level of marketing expenses for the Winter Olympic Games in Sochi and the fire in December last year at ETA -- a major manufacturer for Swatch -- which caused a significant strain on production.

The report showed net income stood at 680 million CHF, 11.5 percent lower than the first half of 2013.

Over 800 new jobs were created in the first six months of the year, of which over 460 were in Switzerland, said the group.

The group held a promising outlook for the second half of 2014, expecting a good performance in all regions and segments, particularly in the United States, Japan and the Chinese mainland.

Swatch Group is a major player in the manufacture and sale of finished watches, jewelry, watch movements and components. It also supplies nearly all the components required for watches with its renowned brands including Omega, Longines, Rado and Tissot. Endi

Go to Forum >>0 Comment(s)